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Borouge Q2 net profit $193m

The H1 revenue stood at $2.72 billion.

ADNOC Drilling H1 revenue $2.37bn

The company posted a net profit of $692m.

Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

Four firms to partner for Co2 removal

ADNOC is also progressing with preparation for the proposed establishment of Borouge Group International. (WAM)
  • The technology permanently mineralizes carbon dioxide (CO2) within rock formations found in the Emirate of Fujairah.
  • Fujairah has been selected for this pilot for to its abundance of peridotite, a form of rock that naturally reacts with CO2 to mineralize it.

Abu Dhabi, UAE–ADNOC Tuesday announced a partnership with the Fujairah Natural Resources Corporation (FNRC), Abu Dhabi Future Energy Company (Masdar) and 44.01 to pilot technology that permanently mineralizes carbon dioxide (CO2) within rock formations found in the Emirate of Fujairah.

The announcement was made at the Abu Dhabi Sustainability Week (ADSW).

The project, due to commence in January 2023, will use 44.01’s Earthshot prize-winning Carbon Capture and Mineralization (CCM) technology to eliminate CO2 from the atmosphere. It will be the first CCM project by an energy company in the Middle East.

Fujairah has been selected for this pilot for to its abundance of peridotite, a form of rock that naturally reacts with CO2 to mineralize it.

In this pilot, CO2 will be captured from the air, dissolved in seawater, and then injected into peridotite formations deep underground, where it will mineralize – ensuring that it cannot escape back into the atmosphere.

The project will be powered by solar energy supplied by Masdar. A successful pilot would open the possibility of mineralising billions of tons of captured CO2 across the region.

Talal Hasan, Founder and CEO of 44.01, stated, “Removing CO2 from the atmosphere is vital if we are to halt and ultimately reverse climate change. Unlike CO2 storage, mineralization removes CO2 permanently by turning it into rock, minimizing the need for long-term monitoring and insurance. This pilot will enable us to test our technology at scale, on our way to offering a safe, cost-effective, natural solution for eliminating captured CO2 internationally.”